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Clarified Auditing Standards: What You Need to Know

Author/Moderator: Renee Rampulla, CPA, CGMA
Publisher: AICPA
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Do you know all you need to know about the recently issued Clarified Auditing Standards? For example, which revisions are major? Have you heard that buzz about group audits? If you are like many CPAs, you have much to learn about the new reformatting, clarifications, appendices, and exhibits that the Auditing Standards Board applied to the latest standards. The Clarified Auditing Standards supersede all previously issued Statements on Auditing Standards.

It is mandatory that every auditor read, understand, and employ all of the new standards affecting your audit practice. You get explanations, examples, discussions on key issues, and a hard look at areas that auditors and clients’ management need to understand.

Topics Discussed:

  • Impact of the ASB’s Clarity Project on the 10 GAAS standards
  • Performance and component materiality
  • Audits of group financial statements (including the work of component auditors) and other requirements of AU-C 600
  • Changes in all auditors’ reports
  • Consideration of laws and regulations in an audit of financial statements and the inspection of correspondence
  • Risk of material misstatement approach to auditing related parties
  • Changes to your understanding and documenting the terms of engagement with your client
  • A principles-based approach to direct communication with your audit client’s lawyers
  • The requirement to obtain written confirmations as audit evidence

Learning Objectives:
When you complete this course, you will be able to:

  • Describe formatting and referencing changes made to U.S. GAAS.
  • Define which underlying auditing guidance is primarily the same.
  • Identify key changes to the terms of your audit engagement.
  • Discuss how quality control standards have been strengthened.
  • Recognize the new auditor’s requirements regarding a client’s compliance with laws and regulations.
  • Discuss changes made when using or relying on the work of others.
  • Identify some of the unique considerations relating to group audits.
  • Ascertain the changes to the auditor’s report describing management’s responsibilities.
  • Interpret the auditor’s responsibilities when issuing a report based on summary financial information.

Who Will Benefit?
CPAs, auditors, accountants, client management, and other interested individuals

Prerequisite: Basic knowledge of auditing and related standards

Advanced Preparation: None

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Videocourse Details

NASBA Field of Study: Auditing
Level: Intermediate
Recommended CPE Credit: 9
Clarified Auditing Standards: What You Need to Know
Text , 2014
Product# 753391
Availability: In Stock
AICPA Member:$155.00
Your Price:$193.75
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